"Shares dropped to a 14-year low in the second quarter of this year as unemployment of 25 percent, power cuts and rising fuel prices put pressure on shoppers. Mr Price sales were also affected by a later winter than expected" the company said.

According to South African consumer the South African household goods and clothing retailer recorded low levels of consumer confidence this year resulting in the decline.

Mr Price Group fell the most in over fourteen years as their stock dropped to a bare thirteen percent (13%) marking the group's biggest decline since March 2001 and traded at 207.01 rand at the close in Johannesburg also their lowest since October 20.

Author

Olamide Olarewaju is a Category Editor at Pulse. A brand strategist who holds a degree in PR, Olamide loves to write. She is attentive to details and believes honesty is never overrated! Reach me via olamide.olarewaju@ringier.ng